ACWA Power completes Financial Aspects of Ten Projects totaling more than US$14 billion in under 12 months.
Largest in Company’s History
ACWA Power, the world’s leading private water desalination company, has truly had an incredible year. Not only are they at the forefront of the energy transition movement and pioneers in green hydrogen, but they have also successfully secured financial closure for projects worth a staggering $14 billion, the largest in the company’s history.
This significant achievement solidifies their position as industry leaders and showcases their remarkable ability to deliver large-scale projects that positively impact our environment and economy.
The company has made remarkable progress in the past year, successfully reaching financial close on not just one or two, but an impressive 10 major projects. These projects span across Saudi Arabia, Egypt, and Uzbekistan, showcasing ACWA Power’s commitment and expertise in multiple regions. This demonstrates their strong financial acumen and determination to be a leader in the industry.
The project is at the forefront of various groundbreaking projects that cover a wide range of sectors, including renewables, water desalination, and green hydrogen. One notable project within their impressive portfolio is the NEOM Green Hydrogen project.
With an astounding investment of US$8.5 billion, this endeavour aims to construct the world’s largest utility-scale green hydrogen production facility in Saudi Arabia. This ambitious undertaking truly showcases ACWA Power’s commitment to innovation and sustainability on a grand scale.
Abdulhameed Al Muhaidib, the CFO of ACWA Power, highlighted some impressive numbers at the Saudi Arabia Investment Forum in New York on Tuesday, October 10th, 2023.“The past 12 months mark a historic milestone for us, as it represents the highest number of projects we have ever successfully achieved financial closure for within 12 months.
“It demonstrates our agility, resilience, and unwavering commitment to creating a sustainable future for generations to come. It not only validates our expertise as a developer and operator of strategically vital projects but also speaks highly about the trust our investors and partners place in us.”
Besides the NEOM Green Hydrogen project, ACWA Power accomplished significant financial milestones with the successful closure of the Ar Rass solar PV, Al Shuaibah 1, and Al Shuaibah 2 solar PV projects. These projects play a vital role in Saudi Arabia’s National Renewable Energy Program (NREP).
Uzbekistan has made significant strides in renewable energy with the implementation of three wind projects namely Bash, Dzhankeldy, and Nukus. Similarly, Egypt’s commitment to clean energy is evident through projects like the Kom Ombo solar project.
Saudi Arabia has also joined the renewable revolution with notable initiatives such as the Shuaibah 3 IWP and the recent addition of Rabigh 4 IWP in Yanbu. These projects highlight a global shift towards sustainable energy sources and demonstrate a promising future for clean power generation.
“The financial execution base shows the accelerated rate of development underway across countries when it comes to energy transition, we expect this to ramp up even further in the coming years as governments realise the additional economic benefits of changing their energy mix beyond the climate and environmental ones,” says Abdulhameed Al Muhaidib, Chief Financial Officer of ACWA Power,
ACWA Power‘s innovative approach to financing is demonstrated by their ability to secure funding from numerous local and international financial institutions and infrastructure development funds. This showcases its market credibility and ensures the necessary financial resources for these projects are in place. It is also an indication that more institutions are throwing their weight on energy transition projects.
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In the upcoming months, the company remains committed to actively pursuing fresh opportunities and establishing strategic partnerships that perfectly align with its mission. By doing so, the company aims to expand its project footprint not only within Saudi Arabia but also on a global scale.
Currently ACWA Power boasts of 75 assets in various stages of development and in operation, in geographies including the Middle East, Africa, Central Asia and Southeast Asia.
